**Journalizing Transactions**The following is a list of transaction journal entries for July, including debits and credits. Each transaction is recorded in a table with specific dates, account titles, and amounts. Empty boxes indicate no entry is required for that account.### July Transactions:1. **July 3:** - Debit: Inventory - $2,076 - Credit: Accounts Payable - Hamling Co. - $2,0762. **July 5:** - Debit: Inventory - Credit: Accounts Payable - Kester Co.3. **July 6:** - Debit: Accounts Receivable - Parsley Co. - Credit: Sales4. **July 6:** - Debit: Cost of Goods Sold - Credit: Inventory5. **July 7:** - Debit: Accounts Payable - Kester Co. - Credit: Inventory6. **July 13:** - Debit: Accounts Payable - Hamling Co. - Credit: Cash7. **July 15:** - Debit: Accounts Payable - Kester Co. - Credit: Cash8. **July 21:** - Debit: Cash - Credit: Accounts Receivable - Parsley Co.9. **July 21:** - Debit: Cash - Credit: Sales10. **July 21:** - Debit: Cost of Goods Sold - Credit: Inventory11. **July 22:** - Debit: Accounts Receivable - Tabor Co. - Credit: Sales12. **July 22:** - Debit: Cost of Goods Sold - Credit: Inventory13. **July 23:** - Debit: Cash - Credit: Sales14. **July 23:** - Debit: Cost of Goods Sold - Credit: Inventory15. **July 28:** - Debit: Customers Refunds Payable - Credit: Inventory (Estimated Returns Inventory)16. **July 31:** - Debit: Credit Card Expense - Credit: Cash**Note:** Only July 3rd has specified amounts for the transactions. Other amounts were not provided in this document. ### Essex Company Transactions for JulyThe following is a detailed summary of the transactions completed by Essex Company during July of the current year. Essex employs the net method under a perpetual inventory system.**July 3** - Purchased merchandise on account from Hamling Co., list price $89,000, trade discount 30%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $850 added to the invoice.**July 5** - Purchased merchandise on account from Kester Co., $42,950, terms FOB destination, 2/10, n/30.**July 6** - Sold merchandise on account to Parsley Co., $16,400, terms n/15. The cost of the goods sold was $9,390.**July 7** - Returned merchandise with an invoice amount of $12,600 purchased on July 5 from Kester Co.**July 13** - Paid Hamling Co. on account for purchase of July 3.**July 15** - Paid Kester Co. on account for purchase of July 5, less the return of July 7.**July 21** - Received cash on account from the sale of July 6 to Parsley Co.**July 21** - Sold merchandise on MasterCard, $218,410. The cost of the goods sold was $152,110.**July 22** - Sold merchandise on account to Tabor Co., $56,600, terms 2/10, n/30. The cost of the goods sold was $33,160.**July 23** - Sold merchandise for cash, $34,560. The cost of the goods sold was $20,590.**July 28** - Paid Parsley Co. a cash refund of $6,160 for returned merchandise from the sale of July 6. The cost of the returned merchandise was $3,090.**July 31** - Paid MasterCard service fee of $3,730.

Name: **Journalizing Transactions**The following is a list of transaction j
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Description: **Journalizing Transactions**The following is a list of transaction journal entries for July, including debits and credits. Each transaction is recorded in a table with specific dates, account titles, and amounts. Empty boxes indicate no entry is re

The net method is defined as a procedure adopted to record the inventory in the books after considering the discount provided by the vendor. It means that the net price is used to note the transaction. Date Accounts Title and Explanation Debit ($) Credit ($) July 3 Inventory (($89,000 x 0.70 x 0.98)+$850) $61,054 Accounts Payable-Hamling Co. $61,054 July 5 Inventory ($42,950 x 0.98) $42,091 Accounts Payable-Kester Co. $42,091 July 6 Accounts Receivable-Parsley Co. $16,400 Sales $16,400 July 6 Cost of Goods Sold $9,390 Inventory $9,390 July 7 Accounts Payable-Kester Co. ($12,600 x 0.98) $12,348 Inventory $12,348 July 13 Accounts Payable-Hamling Co. $61,054 Cash $61,054 July 15 Accounts Payable-Kester Co. ($42,091-$12,348) $29,743 Cash $29,743 July 21 Cash $16,400 Accounts Receivable-Parsley Co. $16,400 July 21 Cash $218,410 Sales $218,410 July 21 Cost of Goods Sold $152,110 Inventory $152,110 July 22 Accounts Receivable-Tabor Co. ($56,600 x 0.98) $55,468 Sales $55,468 July 22 Cost of Goods Sold $33,160 Inventory $33,160 July 23 Cash $34,560 Sales $34,560 July 23 Cost of Goods Sold $20,590 Inventory $20,590 July 28 Customer Refunds Payable $6,160 Cash $6,160 July 28 Inventory $3,090 Estimated Returns Inventory $3,090 July 31 Credit Card Expense $3,730 Cash $3,730